KYB Compliance at Bloc

To start using Bloc to bank and accept payments for your business, we need to carry out a Know-Your-Business Verification to verify you either as an unregistered (starter) or registered business to stay compliant with CBN.

Read: Why do we verify your business?

In this help article, we will explain the following:

What Starter and Registered businesses mean
What types of businesses can register as a starter or registered business
The verification requirements and limits for each business category
How to complete your verification as a starter or registered business
How to switch from Starter Business to Registered Business.

What is a Starter Business on Bloc?

Starter business on Bloc refers to small businesses that have not registered their business with the Corporate Affairs Commission in Nigeria.

If your business does not have a business name registration certificate, we will verify you under the starter business category to allow us to stay compliant with CBN Regulations while we give you access to banking features on Bloc.

Limits to Starter Business

Starter Businesses cannot access Bloc products like Bloc POS Terminals and Checkout. However, they can:

Make single and bulk money transfers
Accept payments with payment links
Pay electricity, cable TV and telco bills
Create sub-accounts
Get Dollar and Naira cards
Add team members to their business on Bloc

What type of businesses can use Starter Business?

Starter business registration is suitable for online freelancers, online vendors and stores. Starter businesses can only send and receive a maximum total of NGN 2,000,000 before they are required to upgrade to Registered Business.

Requirements for Starter businesses.

Company Information	Director's Information
Business name	First and last name
Industry	Nationality
Country of Operation	Phone number
State	BVN
City	Means of ID (International passport, Driver's license or National ID Card).
Street address	Valid ID Number and Image of ID

How to complete verification as a Starter Business

We categorize all newly signed-up businesses as Starter businesses if they cannot provide business registration documents on sign-up.

However, you can upgrade your account to a Registered business account at any time by clicking the compliance tab on the settings page of your Bloc Dashboard.

Here's how to sign up as a Starter Business:

Once you've created your account and verified your email address, click on Set up my Bloc account and choose Starter Business as your type of business.

Follow the prompt on the next screen to verify your business as a Starter business. To do this, you must provide your company and director's information.

Once you've filled it out, click on verify my business, and our compliance team will review it alongside our automated internal verification tool.
Business Verification takes between 24 - 48 hours. You can track the status of your verification on your Dashboard. While you wait, you can log in and explore the Bloc Dashboard.

Things to note for a smooth verification process.

The correct way to enter your phone number is to enter the 11-digit number people locally dial you with (do not include the country code +234).
If you cannot find your BVN, read this article to learn how to access it instantly: How do I get my BVN?
The accepted means of ID are an international passport, Driver's license or National ID Card.
We cannot verify your account if you provide an ID other than these 3. Also, ensure your means of ID has not expired, as we cannot verify any expired ID.
To locate the valid ID Number on your Means of ID, follow these instructions:

International passport: Your passport number contains eight digits and a letter, positioned at the top right side of the first page of your International passport.
Driver's license: It is the 8-digit number that is located on your Driver’s License
National ID Card: The National ID Card consists of a National Identification Number (NIN), the unique number assigned to you. The NIN Slip has your 11-digit number at the top left corner, second row.
If you have lost your NIN Slip, dial *346# > from the options displayed, select “NIN Retrieval” by typing in '1' > if you are using the same phone number you enrolled with for your NIN.

Ensure the image of the ID you are uploading is clear and details of the valid ID Number on the ID is visible.
For instance, the image required for your International Passport is the first page clearly showing your Passport number.

Registered Businesses on Bloc

These are businesses that have an incorporation certificate. There is no limit to the amount you can send or receive as a registered business.

It is suitable for businesses with any of the following types of registrations with the CAC:

Registered Business Name
Limited Partnership
Limited Liability Partnership
Limited Liability Company
Incorporated Trustees

As a registered business on Bloc, you have full access to all banking and payment features on Bloc.

Requirements for Registered Businesses

Company Information	Director's Information	Business Documents
Business name	First and last name	Legal business name
Industry	Nationality	Business registration type and number
Country of Operation	Phone number	Tax Identification Number
State	Bank Verification Number [BV	Certificate of Incorporation
City	Means of ID (International passport, Driver's license or National ID Card).	Memorandum & Articles of Association (MEMART)
Street address	Valid ID Number and Image of ID	Utility bill (not more than 3 months old)
		Status Report

Legal business name: This is the name written on your business registration documents.
Trading business name: If the product/business is a subsidiary business, the umbrella/holding company should be written as the legal business name and the subsidiary as the trading business name. If there's no subsidiary, include the same name as both legal and trading business names.

How to complete verification as a Registered Business

To start using Bloc as a registered business, follow the steps below:

Verify your email address and Choose Registered Business as your type of business.

Follow the prompts on the next screen to verify your business as a Registered business. To do this, you must provide your company, director's information and business documents.

Click on verify my business, and our compliance team will review it alongside our automated internal verification tool.
Business Verification takes between 24 - 48 hours. You can track the status of your verification on your Dashboard.

How to switch from Starter Business to Registered Business.

To upgrade your business from Starter Business after completing the signup process, go to Settings on the left navigation bar and select Compliance.

Provide all of the details requested. You can find the requirements in the table above.

Important to Note

Registered Business Name is a category that covers both sole proprietorships and partnerships. Most SMEs fall under this category.

What if I don't meet the requirements for a Registered Business?

You can open a Starter Business account pending when you meet the requirements for a Registered Business.